G-7 Unveils $600 Billion Global Infrastructure Plan to Counter China’s ‘Debt Trap’ Diplomacy

U.S. President Joe Biden speaks at the "Global Infrastructure" side event as (L-R) European Union Council Commission President Ursula von der Leyen, Prime Minister of Japan Fumio Kishida, Canadian Prime Minister Justin Trudeau, German Chancellor Olaf Schulz, Prime Minister of Italy Mario Draghi, and European Union Council President Charles Michel look on during the G-7 summit at Schloss Elmau near Garmisch-Partenkirchen, Germany, on June 26, 2022. Sean Gallup/Getty Images

The Group of Seven (G-7) nations plan to raise $600 billion over the next five years for a global infrastructure program that will serve as a “positive alternative” to models that sell “debt traps.”

G-7 leaders from the United States, Canada, Germany, Italy, Japan, and the European Union unveiled the Partnership for Global Infrastructure and Investment (PGII) at a summit in Bavaria, Germany, on Sunday.